Sensex jumps over 200 points in early trade; Reliance jumps 3%

Equity benchmark Sensex jumped over 200 points in early trade on Friday, tracking gains in index-heavyweights Reliance Industries, HDFC twins and TCS amid massive foreign fund inflow and largely positive cues from global markets.

The 30-share BSE index was trading 190.72 points or 0.46 per cent higher at 41,530.88.

Similarly, the broader NSE Nifty climbed 50.80 points or 0.42 per cent to 12,171.10.

Reliance Industries was the top gainer in the Sensex pack, surging around three per cent, followed by M&M, Bajaj Auto, Tata Steel, NTPC, Titan and HDFC.

On the other hand, Tech Mahindra, Nestle India, Bharti Airtel, PowerGrid and Infosys were among the laggards.

In the previous session, Sensex surged 724.02 points or 1.78 per cent to close at 41,340.16. The benchmark has wiped off all losses for the 2020 calendar year. It closed at 41,306.02 on January 1, 2020.

The broader NSE Nifty also zoomed 211.80 points or 1.78 per cent to finish at 12,120.30 on Thursday.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 5,368.31 crore on Thursday, according to provisional exchange data.

According to market experts, despite the uncertainty around the US elections, the equities have rallied strong globally on expectations of a fiscal stimulus soon along with little scope for aggressive changes in taxation given the thin winning margin.

Stock exchanges on Wall Street ended with significant gains in overnight sessions.

Further, the US Federal Reserve said its key interest rate will be left at a record low near zero. It reaffirmed its readiness to do more to support the economy under threat from a worsening coronavirus pandemic.

Elsewhere in Asia, bourses in Shanghai and Hong Kong were in the red, while Seoul and Tokyo were trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 1.98 per cent lower at $40.12 per barrel.